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Splish Brothers Limited had the following statement of financial position for the current year, 2023: SPLISH BROTHERS LIMITED Statement of Financial Position December 31, 2023 $125,020 Current assets Investments Property, plant, and equipment Intangible assets Other assets 1. 80,840 2 199,280 30,080 35,720 $470,940 Current liabilities Long-term liabilities Shareholders' equity $91,180 159,800 219,960 The following additional information is available and provides information regarding errors in classification which need to be corrected: $470,940 Current Assets include the following: bank account with an overdraft balance of $14,100; inventory with a FIFO cost of $81.780 and a net realizable value of $79,900; accounts receivable of $62,040 less allowance for expected credit losses of $2,820 Investments include the following: a mortgage receivable from parent company $56,400, due in 2028; FV-NI investments held for trading with a cost of $9,400 and a fair value of $11,280, FV-OCI investments with a cost of $14.100 and a fairlua

Splish Brothers Limited had the following statement of financial position for the current year, 2023: SPLISH BROTHERS LIMITED Statement of Financial Position December 31, 2023 $125,020 Current assets Investments Property, plant, and equipment Intangible assets Other assets 1. 80,840 2 199,280 30,080 35,720 $470,940 Current liabilities Long-term liabilities Shareholders' equity $91,180 159,800 219,960 The following additional information is available and provides information regarding errors in classification which need to be corrected: $470,940 Current Assets include the following: bank account with an overdraft balance of $14,100; inventory with a FIFO cost of $81.780 and a net realizable value of $79,900; accounts receivable of $62,040 less allowance for expected credit losses of $2,820 Investments include the following: a mortgage receivable from parent company $56,400, due in 2028; FV-NI investments held for trading with a cost of $9,400 and a fair value of $11,280, FV-OCI investments with a cost of $14.100 and a fairlua

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 13P: Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and...
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Splish Brothers Limited had the following statement of financial position for the current year, 2023: Current assets Investments Property, plant, and equipment Intangible assets Other assets SPLISH BROTHERS LIMITED Statement of Financial Position December 31, 2023 1. 2. $125,020 80,840 199,280 30,080 35,720 $470,940 Current liabilities Long-term liabilities Shareholders' equity $91,180 159,800 219,960 The following additional information is available and provides information regarding errors in classification which need to be corrected: to $470,940 Current Assets include the following: bank account with an overdraft balance of $14,100; inventory with a FIFO cost of $81,780 and a net realizable value of $79,900; accounts receivable of $62,040 less allowance for expected credit losses of $2,820. Investments include the following: a mortgage receivable from parent company $56,400, due in 2028; FV-NI investments held for trading with a cost of $9,400 and a fair value of $11,280; FV-OCI investments with a cost of $14,100 and a fair value of $13.160.

Splish Brothers Limited had the following statement of financial position for the current year, 2023: SPLISH BROTHERS LIMITED Statement of Financial Position December 31, 2023 $125,020 80,840 199,280 30,080 35,720 $470,940 Current assets Investments Property, plant, and equipment Intangible assets Other assets 1. Current liabilities Long-term liabilities Shareholders' equity 2 $91,180 159,800 219.960 The following additional information is available and provides information regarding errors in classification which need to be corrected: $470,940 Current Assets include the following: bank account with an overdraft balance of $14.100; inventory with a FIFO cost of $81.780 and a net realizable value of $79,900; accounts receivable of $62,040 less allowance for expected credit losses of $2,820. Investments include the following a mortgage receivable from parent company $56,400, due in 2028; FV-NI investments held for trading with a cost of $9,400 and a fair value of $11,280, FV-OCI investments with a cost of $14,100 and a fair value of $13.160
Transcribed Image Text:Splish Brothers Limited had the following statement of financial position for the current year, 2023: SPLISH BROTHERS LIMITED Statement of Financial Position December 31, 2023 $125,020 80,840 199,280 30,080 35,720 $470,940 Current assets Investments Property, plant, and equipment Intangible assets Other assets 1. Current liabilities Long-term liabilities Shareholders' equity 2 $91,180 159,800 219.960 The following additional information is available and provides information regarding errors in classification which need to be corrected: $470,940 Current Assets include the following: bank account with an overdraft balance of $14.100; inventory with a FIFO cost of $81.780 and a net realizable value of $79,900; accounts receivable of $62,040 less allowance for expected credit losses of $2,820. Investments include the following a mortgage receivable from parent company $56,400, due in 2028; FV-NI investments held for trading with a cost of $9,400 and a fair value of $11,280, FV-OCI investments with a cost of $14,100 and a fair value of $13.160
2 3. 4. 5. 6. 7. 8. Investments include the following: a mortgage receivable from parent company $56,400, due in 2028; FV-NI investments held for trading with a cost of $9,400 and a fair value of $11,280; FV-OCI investments with a cost of $14,100 and a fair value of $13,160. Property. Plant and Equipment include the following: land $22,560; buildings $408,900 less accumulated depreciation of $272,600; vehicles $74,260 less accumulated depreciation of $46,060; land held for future use $12,220. Intangible assets include the following patents net of accumulated amortization of $30,080. Other assets include the following: customer deposits of $6,580, unearned revenue of $2,820, goodwill $41,360 and accumulated other comprehensive income (loss) of $(3,760). Current Liabilities include the following: pension obligation of $50,760, interest payable of $3,760: salaries and wages payable of $7,520; accounts payable $29,140. Long-term Liabilities include the following: demand bank loan of $70,500; mortgage payable $89,300 of which $6,580 is due in the next year. Shareholders' Equity has 940 preferred shares (28,200 authorized) which were issued at an average price of $75 per share. and an unlimited number of authorized common shares with 51,700 shares issued at an average price of $1 per share. retained earnings of $97,760. Prepare a statement of financial position in good form. (List Current Assets in order of liquidity. List Property. Plant, and Equipment in order of Land, Buildings, and Vehicles.)
Transcribed Image Text:2 3. 4. 5. 6. 7. 8. Investments include the following: a mortgage receivable from parent company $56,400, due in 2028; FV-NI investments held for trading with a cost of $9,400 and a fair value of $11,280; FV-OCI investments with a cost of $14,100 and a fair value of $13,160. Property. Plant and Equipment include the following: land $22,560; buildings $408,900 less accumulated depreciation of $272,600; vehicles $74,260 less accumulated depreciation of $46,060; land held for future use $12,220. Intangible assets include the following patents net of accumulated amortization of $30,080. Other assets include the following: customer deposits of $6,580, unearned revenue of $2,820, goodwill $41,360 and accumulated other comprehensive income (loss) of $(3,760). Current Liabilities include the following: pension obligation of $50,760, interest payable of $3,760: salaries and wages payable of $7,520; accounts payable $29,140. Long-term Liabilities include the following: demand bank loan of $70,500; mortgage payable $89,300 of which $6,580 is due in the next year. Shareholders' Equity has 940 preferred shares (28,200 authorized) which were issued at an average price of $75 per share. and an unlimited number of authorized common shares with 51,700 shares issued at an average price of $1 per share. retained earnings of $97,760. Prepare a statement of financial position in good form. (List Current Assets in order of liquidity. List Property. Plant, and Equipment in order of Land, Buildings, and Vehicles.)
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